That decision will be predicated on how good of a deal you can make. If you can purchase an REO or Short Sale home under market value it may work well for you. How about a home that needs a little fix up? Perhaps you can increase the value and make money. It might be worth the risk.
Interest rates are very low right now and your payment may be equal to or less than rent. You have to live somewhere, is a mortgage payment that much different than rent?
Right now the real estate crystal ball is a little cloudy.
PS: 3.5 years is not that far away. If you decide to come to Scottsdale call me.... more